What is final expense insurance?

Question

For context, I am comparing a small final expense or burial policy with simply setting aside money for funeral costs. For context, the policy is easier to qualify for but may have graded benefits or high premiums relative to the death benefit. The issue for me is that I want to understand the contract before I buy, cancel, replace, or rely on the coverage.

Soradin · Accepted Answer

It is life insurance intended to provide a modest death benefit for funeral bills and other end of life expenses. For a coverage review, final expense or burial insurance is usually a smaller life insurance policy marketed for funeral and related costs. The contract and current values provide a more reliable picture of the coverage, instead of relying only on promotional or sales material. Base the review on the policy language and the current illustration, then have a licensed insurance professional document the guarantees, exclusions, riders, and surrender restrictions that apply.

What is final expense insurance?

Soradin

Need help with your situation?